Enhancing trust, multilateralism needed to advance climate action: Mohieldin

Ahram Online , Wednesday 21 Sep 2022

United Nations Climate Change High-Level Champion for Egypt Mahmoud Mohieldin stressed the need to enhance trust and multilateralism among all concerned parties by integrating the regional and local dimensions in climate action, as well as fulfilling previous pledges.

Dr. Mahmoud Mohieldin
Dr. Mahmoud Mohieldin

 

In a speech at the Marrakesh Partnership Meeting within the framework of Climate Week NYC 2022, which is currently being held in New York, Mohieldin warned against deviating from the desired goals, especially considering the geopolitical changes and economic challenges facing the world currently, a matter that will help advance the climate and development agendas.

The Egyptian climate champion stressed the need to enhance understanding and economic cooperation between different countries.

In his speech, Mohieldin highlighted the priorities of COP27 due to be held next November in Sharm El-Sheikh, which is based on the Paris Agreement and focuses on measures to mitigate the effects of climate change, especially the commitment to limiting the rise in global temperature by 1.5 degrees Celsius.

As for mitigation, the climate champion stated that there has been remarkable progress in this file and a positive response from the private sector and non-governmental actors, but there is a need to make more efforts to scale up finance through concessional financing and reducing debts. 

Mohieldin noted that 61 Percent of climate finance in the world depends on borrowing, which exacerbates the debt crisis amid high inflation rates.

As for the adaptation front, Mohieldin said that there are several good solutions, referring to the outcomes of the four regional forums organised by the Egyptian presidency of COP27 in cooperation with the regional commissions of the United Nations and the High-Level Champion.

The forums resulted in more than 70 investable and bankable projects.

According to the climate champion, half of these projects are related to adaptation and related sectors, amid positive responses from representatives of the private sector.

He also made it clear that many discussions are currently taking place with investment banks and various private institutions regarding the financing of those projects due to be presented at the upcoming climate summit in Sharm El-Sheikh.

Mohieldin stressed the need to mobilise more efforts to address the loss and damages caused by climate change, pointing to the humanitarian disaster and heavy losses incurred by Pakistan because of climate change recently as a result of the floods that covered one-third of the country and killed over 1,000 people.

He also stressed the need to cooperate with the insurance sector to face current and future damages caused by climate change, as the cost of facing loss and damage exceeds $300 billion.

There was a need to align countries' budgets to the priorities of development plans and implement adequate models according to the needs of those countries, he added, referring to the role of political leaders in opening new horizons for financing and technology needed to promote climate and development work.

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